Genworth 2018 Annual Cost of Care Survey: Overall Long Term Care Costs Increased in South Carolina
Overall, long term care costs across most care settings in
Nationally, the blended annual median cost of long term care support services increased across the country an average of 3 percent from 2017 to 20181, with some care categories exceeding two to three times the 2.1 percent
"For the past 15 years, Genworth has been a leader in educating families about the potential of needing long term care by providing our annual Cost of
Cost of Care Statistics for
Care Category |
State Costs |
National Costs |
|
Homemaker Services |
Median Annual Cost |
|
|
Change from 2017 |
0.00% |
0.24% |
|
Home Health Aide |
Median Annual Cost |
|
|
Change from 2017 |
0.25% |
2.33% |
|
Adult |
Median Annual Cost |
|
|
Change from 2017 |
9.05% |
2.86% |
|
Assisted Living Facilities* |
Median Annual Cost |
|
|
Change from 2017 |
22.16% |
6.67% |
|
|
Median Annual Cost |
|
|
Change from 2017 |
0.00% |
4.11% |
|
|
Median Annual Cost |
|
|
Change from 2017 |
5.33% |
3% |
*Referred to as Residential Care Facilities in
Why Costs Are Rising
Several factors6 are driving up the cost of care across all care options, according to long term care providers surveyed by Genworth:
- The shortage of skilled workers. It's a simple case of supply and demand: With demand outpacing the supply of workers, caregivers know they can demand more and companies are willing to pay more for the best workers. Also, fewer caregivers mean more overtime, which means consumers pay more for care.  Â
- Higher minimum wages and changes in overtime pay rules.
- Difficulty attracting and retaining qualified workers.
- Business constraints facing home care agencies, such as differing laws on certification of caregivers, compliance obligations, razor-thin margins, balancing care quality and costs.
- The increasing incidence of Alzheimer's Disease and dementia, which is increasing the need for more specialized care â and higher hourly wages.
- Aging Americans needing more specialized care, the result of waiting too long to receive professional care. By then, the diagnosis has progressed beyond the need for basic care to very specialized and intensive levels of care, which is more expensive.
Resources for Understanding Care Financing Options
Genworth believes people of all ages should understand the opportunities and challenges associated with living longer in today's world. Planning well now helps expand the choices available for care later as we grow older. People of all ages can take advantage of the following resources to educate themselves about the cost of care and alternative funding options:  Â
- Visit https://www.genworth.com/aging-and-you/finances/cost-of-care.html to learn more about the total cost of long term care in your area and how costs have changed over time.
- Download Genworth's Cost of Care App from iTunes or
Google Play Store . - To explore long term care financing options, please visit genworth.com/longtermcare
- Beyond traditional insurance products, an underwritten single premium immediate need annuity can be purchased by older, less healthy Americans or their families to provide a guaranteed lifetime source of income that can be used for any purpose including, to pay for care or other expenses. Learn more here: www.genworth.com/products/immediate-need-annuity.html.Â
"Increasingly, people and their loved ones are finding that the cost of long term care services is staggering and often they are unaware of it in advance," said
About Genworth's 2018 Cost of
Genworth's annual Cost of
About Genworth FinancialÂ
Genworth Financial, Inc.is a Fortune 500 insurance holding company committed to helping families achieve the dream of homeownership and address the financial challenges of aging through its leadership positions in mortgage insurance and long term care insurance. Headquartered in Richmond,
From time to time, Genworth releases important information via postings on its corporate website. Accordingly, investors and other interested parties are encouraged to enroll to receive automatic email alerts and Really Simple Syndication (RSS) feeds regarding new postings. Enrollment information is found under the "Investors" section of genworth.com. From time to time, Genworth's publicly traded subsidiaries, Genworth MI Canada Inc. and Genworth Mortgage Insurance Australia Limited, separately release financial and other information about their operations. This information can be found at http://genworth.ca and http://www.genworth.com.au
1 Genworth's Cost of
2
3 Recent research suggests that most Americans turning age 65 will need long-term care services at some point in their lives. Source:Â 2018
4 Genworth's Cost of Care Surveys, conducted by CareScoutÂź, 2004-2018.
5 Genworth's Long Term Care Sentiment Study,
6 Online discussions with long term care providers across all care settings in key geographical locations, conducted for the 15th anniversary of Genworth's Cost of
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SOURCE Genworth Financial, Inc.
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